Bravo Property Trust Supplies $65M Loan to Build Jersey City Resi Tower

New Jersey developer Myneni Properties has landed $65 million of construction financing to build a multifamily development in Jersey City, Commercial Observer has learned.

Bravo Property Trust provided the loan on the developer’s planned 15-story residential tower in Jersey City’s West Side neighborhood. The deal was structured as a bridge-to-HUD [U.S. Department of Housing and Urban Development] loan and was originated by Jacob Savitt, according to Bravo. 

“This financing underscores Bravo’s strategy of working with experienced sponsors who have a proven track record of successful development in major MSAs,” Aaron Krawitz, CEO of Bravo Capital, the parent company of Bravo Property Trust, said in a statement. 

Vault Real Estate Group’s Lillian Fried arranged the transaction.

Myneni Properties’ development is in Jersey City at 682 State Route 440, opposite the highway from the Hudson Commons shopping center. The project will feature 218 apartments, with amenities such as a rooftop pool, fitness center and outdoor terrace. 

The West Side neighborhood of Jersey City has experienced a 48 percent population increase over the past three years, and the project will stand out thanks to zoning allowances that enabled higher height allowance in an area of mainly five- to six-story buildings, according to Bravo. 

“This project is designed to set a new benchmark for multifamily living in Jersey City’s West Side,”  Gabi Moshayev, chairman and co-founder of Bravo Property Trust, said in a statement. “Its height, modern amenities and prime location will redefine the standard for quality and lifestyle in this rapidly evolving neighborhood.”

Officials at Myneni Properties did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com